Rajputana Stainless IPO
Market Sentiment
IPO Details
IPO Reservation
Market Lot Size
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 950.69 | 915.50 | 937.49 | 502.77 |
| Expense | 922.11 | 873.18 | 882.85 | 470.45 |
| Profit (PAT) | 24.04 | 31.63 | 39.85 | 24.41 |
| Total Assets | 297.34 | 324.01 | 420.36 | 448.80 |
| Company | EPS | P/E | Market Cap (Cr) |
|---|---|---|---|
| Mangalam Worldwide Ltd | 10.59 | 22.57 | 11 |
| Mukand Ltd | 5.24 | 26.34 | 8 |
| Electrotherm Ltd | 347.06 | 3.16 | -278 |
| Panchmahal Steel Ltd | 1.74 | 182.18 | 2 |
Promoters: Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 6,89,17,658 | 78.22% |
| Promoter Holding Post Issue | 8,35,67,658 | 57.01% |
Strengths & Risks
- Strong institutional (QIB) demand — 2.5x.
- Strong return on equity — 30%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
No major red flags in the available data.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Rajputana Stainless, founded in 1991, is one of the leading companies to manufacture long and flat stainless steel products. Its product portfolio includes a wide range of stainless steel products such as billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products available in more than 80 different grades. The firm sells its products via direct sales and traders, as well as exporting to other countries, including the UAE, the USA, Turkey, Kuwait, and Poland. Moreover, the firm also supplies its raw materials to various industries includes seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. Its manufacturing unit is situated in Kalol, Gujarat, covering 35,196.98 sq. m. Its facilities include modern equipment like an induction furnace, AOD, continuous casting machine (CCM), heat treatment unit, rolling mill, and bright bar shop.
| Purpose | Amount (Cr) |
|---|---|
| Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); | 18.57 |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and | 98.00 |
| General Corporate Purpose | - |
Resources & Documents
Rajputana Stainless Ltd., 213, Madhwas,, Halol Kalol Road, Kalol,, Panchmahal, Halol, Gujarat, 389330
Rajputana Stainless has set a price band of Rs 116–Rs 122 per share for an issue size of Rs 255 crore. The stock listed with a 1.60% gain versus its issue price on March 19, 2026.
Rajputana Stainless, founded in 1991, is one of the leading companies to manufacture long and flat stainless steel products. Its product portfolio includes a wide range of stainless steel products such as billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products available in more than 80 different grades.
The issue is promoted by Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta with Nirbhay Capital Services Pvt. Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to… (Rs 19 crore) and Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and (Rs 98 crore).
Grey market is quoting a premium of +Rs 3 (+2.5% over issue price), up Rs 3 from the previous session. Final subscription data records overall subscription at 1.12x, retail at 0.27x, QIB at 2.51x, NII at 2.59x.
On fundamentals, the company is posting revenue growth of 2.4%, a profit margin of 4.3%, return on equity of 30.2% in its most recent reported period. Listed peers in this segment include Mangalam Worldwide Ltd (P/E 22.57x, market cap Rs 11 crore) and Mukand Ltd (P/E 26.34x, market cap Rs 8 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Rajputana Stainless IPO GMP — What It Means
The latest grey market premium for Rajputana Stainless IPO is ₹3 (+2.5%). GMP is an unofficial, dealer-quoted figure that hints at expected listing-day demand — it is not a guaranteed listing price. For Rajputana Stainless it should be read alongside the subscription numbers and the company's fundamentals, since grey-market premiums can swing sharply during the bidding window.
See the full Rajputana Stainless GMP history and trend, or learn how grey market premium works and how reliable it is.
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